OceanaGold Corporation reported its operational and financial results for the three months and year ended December 31, 2024. Fourth quarter production of 150,900 ounces of gold and 3,100 tonnes of copper, an increase in gold production of 12% from the prior quarter.
Record quarterly and annual production at Haile and best quarterly production at Waihi since production commenced at Martha Underground in 2021, Full year 2024 production of 488,800 ounces of gold achieving updated production guidance.
According to the guidance,
1: Quarterly and full year All-In Sustaining Cost (AISC) of $1,563 and $1,777 per ounce, respectively,
2: Record quarterly and annual revenue of $427 million and $1.29 billion, respectively,
3: Record quarterly and annual Net Profit† of $103 million and $192 million, respectively.
4: Adjusted EPS† of $0.15, an increase of 67% from the prior quarter,
5: Fourth quarter EBITDA Margin† of 58% and Operating Cash Flow Per Share of $0.36,
6: Record quarterly and annual Free Cash Flow† of $147 million and $245 million, respectively,
7: Repaid the remaining $85.0 million of the revolving credit facility during the quarter, ending the year with Net Cash of $192 million & 8: Repurchased 8.8 million common shares ($24.1 million) since July, 2024, at an average price of CAD$3.79 per share
Gerard Bond, President and CEO of OceanaGold, said “The fourth quarter was tremendous, delivering numerous operational and Company records, highlighted by record quarterly Free Cash Flow of $147 million. These strong results were driven by record production at Haile and a strong performance by both Macraes and Waihi.
We continued to invest at all four operations while increasing shareholders’ ownership of the Company by fully repaying the credit facility and actively buying back shares, finishing the year with net cash of $192 million. In 2024 we also successfully completed a number of major milestones notably the OceanaGold Philippines IPO, the ramp-up of Haile’s Horseshoe underground mine, and the release of exceptional results in the Waihi District pre-feasibility study.
Looking forward, we expect another year of strong Free Cash Flow in 2025, and a significant step-up in gold production and Free Cash Flow in 2026. We will continue to invest in our organic growth and exploration projects and increase capital returns to our shareholders via the dividend and share-buyback programs. I am also very excited by the value enhancing catalysts we have in 2025, such as obtaining the permits and commencing construction at the high-grade Wharekirauponga underground mine, and further exploration success at each of our sites.”
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